SALES EXCEEDED 1 BILLION IN THE FOURTH QUARTER
|
|
- Kristian Bailey
- 6 years ago
- Views:
Transcription
1 Year-End report 1 January - 31 December 2017 SALES EXCEEDED 1 BILLION IN THE FOURTH QUARTER HIGHLIGHTS Fourth quarter The Group's net sales amounted to SEKm 1,079.7 The Group's adjusted gross profit* amounted to SEKm 245.7, with an adjusted gross margin of 22.8 % The Group's adjusted EBITA* amounted to SEKm 52.7 with an adjusted EBITA margin of 4.9 % The Group's operating profit amounted to SEKm 5.2 with an operating margin of 0.5 % Profit for the period amounted to SEKm -8.2 Cash flow from operating activities amounted to SEKm 25.2 Earnings per share amounted to SEK before dilution and SEK after dilution Three acquisitions completed during the fourth quarter: Acquisitions within the home furnishing segment Wegot, a web store for home furnishing in Sweden (Nov) Acquisitions within the DIY segment Vitvaruexperten, a leading webstore for white goods (Oct) Frej Jonsson, a destination in the Gothenburg area specialized in bathroom, tile and plumbing (Nov) Full year The Group's net sales amounted to SEKm 3,955.5 The Group's adjusted gross profit* amounted to SEKm 855.2, with an adjusted gross margin of 21.6 % The Group's adjusted EBITA* amounted to SEKm with an adjusted EBITA margin of 5.0 % The Group's operating profit amounted to SEKm 91.5 with an operating margin of 2.3% Profit for the period amounted to SEKm 28.7 Cash flow from operating activities amounted to SEKm Earnings per share amounted to SEK before dilution and SEK after dilution Seven acquisitions were completed during 2017: Acquisitions within the home furnishing segment Furniturebox (Q1), MyHome Møbler (Q2), Wegot (Q4) Acquisitions within the DIY segment Arredo and Polarpumpen (Q2), Vitvaruexperten and Frej Jonsson (Q4) Important information regarding comparative numbers in this report Bygghemma Group First AB, the parent company of the Group, was established in Nov 2016 in connection with FSN Capitals acquisition. The comparative numbers for 2016 relates to Nov and Dec and hence are not comparable on either quarterly or full year basis. Thus, comparative numbers are not disclosed in the comments on the result for the period. FINANCIAL SUMMARY SEKm (if not otherwise stated) % % Net Sales 1, , Adjusted gross profit* Adjusted gross margin (%) Adjusted EBITA** Adjusted EBITA-margin (%) Operating income Operating-margin (%) Net profit/loss for the period Earnings per share before dilution, SEK Earnings per share after dilution, SEK Cash flow from operations Net debt * Adjusted for items affecting comparability. Items affecting comparability relates to events and transactions that are important to take into consideration when the period s results are compared to previous period s and includes amongst other gains and losses from sales and divestments, costs related to material non-recurring cut-downs, restructurings with action plans with the purpose of reshaping an important part of the operation, material write-downs and other material non-recurring costs and revenues (c.f. Reconciliation of Alternative Performance Measures for a more detailed description). Items affecting comparability during 2017 are SEKm 10 in transaction costs relating to acquisition carried out during the year, SEKm 44.7 pertaining to migration of web platform, ERP-system and warehouse solution for Furniturebox and SEKm 18.8 relating to the process for broadening the shareholder base, including preparations for listing on Nasdaq Stockholm. Adjusted gross profit is affected by items affecting comparability of SEK 35.2 million connected to the Furnituebox integration. ** Adjusted EBITA, is defined as operating income before amortisation on acquisition related intangible assets and items affecting comparability (described above). Q4 Jan-Dec Bygghemma Group First AB 1
2 CEO s comments on the result During the fourth quarter, we have continued to consolidate our position as the leading online-based provider of home improvement products in the Nordic market and we report our third quarter in a row with more than one billion in net sales, while reporting the highest adjusted gross margin so far. The sales growth in the quarter and full year is the result of organic sales growth driven by a continued increase in online penetration in the Nordic markets, in combination with a stable development in the overall market paired with an active acquisition strategy. Seven acquisitions were completed in 2017, out of which three were made during the fourth quarter: Vitvaruexperten.com Nordic AB ( Vitvaruexperten ), Frej Jonsson & Co. AB ( Frej Jonsson ) and Wegot AB ( Wegot ). The slight slowdown of the Swedish housing market has not been reflected in any detectable decrease in demand for the Group s Swedish businesses during the period. However, the strengthened economy in Finland, which is the Group s second largest market, seems to have increased the growth rate of the Group s Finnish businesses. The acquisition of Furniturebox during the first quarter has meant that we together with our earlier businesses in the home furnishing segment (Trademax, Chilli and Finnish Kodin1) have taken a leading position in the Nordic online home furnishing market. We have further strengthened this position through the acquisition of MyHome Møbler, a leading furniture chain in Denmark with online sales and 31 showrooms, during the second quarter, and through the acquisition of Wegot, a leading online player primarily within sofas and beds in Sweden, during the fourth quarter. During the fourth quarter the extensive integration project of Furniturebox, which was initiated during the first and the second quarter with the purpose of realizing sales and cost synergies from the acquisition, has intensified. The project will result in Furniturebox being fully integrated into Trademax and Chilli s online platform, ERP system and warehouse solution. The two organisations will be merged into one under the leadership of Christian Eriksson, head of the home furnishing segment. The integration project, which is expected to generate total integration costs of SEK 60 million over a period of 18 months, has so far progressed according to plan and has resulted in costs of SEK 44.7 million during 2017 (consisting of items affecting comparability). The project is expected to be finalised by the end of the first quarter Our company employs many ambitious, hardworking and dedicated persons. I feel privileged to be part of this team. Together we look forward to continue delivering profitable growth in Mikael Olander, Group CEO Stockholm, 31 January, 2018 Mikael Olander Group CEO, Bygghemma Group Bygghemma Group First AB 2
3 Group financial information in brief Q4 Jan-Dec SEKm (if not otherwise stated) % % Net Sales 1, , Gross profit Gross margin (%) Adjusted gross profit* Adjusted gross margin (%) Adjusted EBITDA* Adjusted EBITDA-margin (%) Adjusted EBITA** Adjusted EBITA-margin (%) Operating income Operating-margin (%) Net profit/loss for the period Cash flow from operations Visits (thousands) 23,799 9, ,670 9, Orders (thousands) , Conversion rate (%) Average order value (SEK) 2,563 2, ,153 2, * Adjusted for items affecting comparability, see Reconciliation of Alternative Performance Measures for a closer description. ** Adjusted EBITA, is defined as operating income before amortisations on acquisition related intangible assets and items affecting comparability (see Reconciliation of Alternative Performance Measures for a closer description). COMMENTS ON THE RESULT FOR THE PERIOD 1 OCTOBER 31 DECEMBER 2017 Sales during the period were driven by increased market shares for both segments in the Group, continued increase in online penetration, as well as acquisitions made and consolidated during the period. The fourth quarter, together with the first quarter, is normally the seasonally weakest for both segments, but sales in the fourth quarter was positively affected by underlying market growth, driven by Black Friday among other factors, as well as acquisitions made and consolidated during the period. The Group s web stores had 23.8 million visits during the quarter, which generated 408,000 orders. Traffic from mobile and tablets accounted for 62.8 % of the total number of visits to the Group s web stores, which is in line with the third quarter and full year. In the DIY segment, mobiles and tablets accounted for 58.9 % while the home furnishing segment noted that 69.2% of the visits came from mobile devices. Net Sales (SEKm) 1,200 1, Q1 Q2 Q3 Q The Group s average order value amounted to SEK 2,563 in the quarter, as a result of sales mix impacted by acquisitions during the year. The Group s adjusted gross margin amounted to 22.8 %. The increased level of the adjusted gross margin is a result of an underlying rising trend within both segments and the fact that the companies acquired during the year had a higher gross margin than the Group s other operations. The Group s gross margin, including items affecting comparability, amounted to 21.7 %. Bygghemma Group First AB 3
4 The Group s adjusted sales and administration costs (defined as the difference between adjusted gross profit and adjusted EBITDA) amounted to SEKm 184.3, corresponding to 17.1 % of net sales. Sales and administration costs including by items affecting comparability for the period, amounted to SEKm The Group s adjusted EBITA amounted to SEKm 52.7, corresponding to an adjusted EBITA margin of 4.9 %. The Group s operating profit amounted to SEKm 5.2 in the quarter, corresponding to an operating margin of 0.5 %. Sales, administration costs and gross margin have been affected by the fact that the new acquisitions acquired during the year have a higher gross margin and cost structure than the Group in general, in particular the acquisition of Arredo and MyHome Møbler. However, the effects largely cancel each other out, why the EBITA margin is not notably affected. Amortisation of acquisition related intangible assets amounted to SEKm 9.3 in the quarter and consists of amortisation of goodwill related to customer relationships and customer databases in acquired companies. The items affecting comparability related to the restructuring- and integration process for Furniturebox totaled SEKm 18.4 for the fourth quarter, while costs related to the process for expanding the shareholder base impacts the fourth quarter with SEKm Acquisitionrelated costs impact the quarter with SEKm 1.4. The Group s net financials amounted to SEKm for the quarter, driven by interest expenses related to new credit facilities, which is partly explained by the Group being acquired by FSN Capital in November 2016, and partly by the financing of the acquisitions made during the year. The Group s profit before tax amounted to SEKm for the quarter. Profit for the period amounted to SEKm -8.2 for the quarter. The effective tax rate was %, equivalent to SEKm 3.9, which is mainly explained by the use of deductible deficiency during the period. COMMENTS ON THE RESULT FOR THE PERIOD 1 JANUARY 31 DECEMBER 2017 Sales during the year were, as for the last quarter, driven by increased market shares for both segments in the Group, continued rapid increase in online penetration, as well as acquisitions made and consolidated during the year. The Group s web stores had 91.7 million visits during the year, generating 1,244,000 orders. Traffic from mobile and tablets accounted for 63.0 % of the total numbers of visits to the Group s web stores during the year. In the DIY segment, mobiles and tablets accounted for 57.2 % while the home furnishing segment noted 69.4% of the visits from mobile devices. Group average order value amounted to SEK 3,153, affected by the fact that several of the companies acquired in 2017 have lower average order values than the Group in general. The Group s adjusted gross margin amounted to 21.6 % for the full year. The adjusted gross margin is, as for the last quarter, affected by an underlying growth in both quarters as well as the higher gross margin seen in the acquired companies compared with the Group s other operations. The Group s gross margin, including items affecting comparability, amounted to 20.7 %. The Group s adjusted sales and administration costs (defined as the difference between adjusted gross profit and adjusted EBITDA) amounted to SEKm 635.5, corresponding to 16.1 % of net sales. Sales and administration costs impacted by items affecting comparability for the period, amounted to SEKm The Group s adjusted EBITA amounted to SEKm for the full year, corresponding to an adjusted EBITA margin of 5.0 %. The Group s operating profit amounted to SEKm 91.5 for the full year, corresponding to an operating margin of 2.3 %. Amortisation of acquisition related intangible assets amounted to SEKm 32.1 and consists of amortisation of goodwill related to customer relationships and customer databases in acquired companies. Bygghemma Group First AB 4
5 The items affecting comparability related to the restructuring- and integration process for Furniturebox totaled SEKm 44.7 for 2017, while costs related to the process for expanding the shareholder base, including preparations for a listing on Nasdaq Stockholm, impacts the fourth quarter with SEKm Acquisition-related costs impact the quarter with SEKm The Group s net financials amounted to SEKm for the full year, driven by interest expenses related to new credit facilities, which, like the last quarter, is partly explained by the Group being acquired by FSN Capital in November 2016, and partly by the financing of the acquisitions made during the year. The Group s profit before tax amounted to SEKm 36.8 for the full year. Profit for the period amounted to SEKm 28.6, translating to 22.0 % tax, equal to SEKm 8.1. See also respective business segment for additional comments. SIGNIFICANT EVENTS DURING AND AFTER THE FOURTH QUARTER 2017 On October 12, Bygghemma Group acquired 51 % of the shares in Vitvaruexperten. The acquisition is part of Bygghemma Group s strategy to become the leader within every category where the Group is active, in this case white goods, kitchen and home appliances. The acquisition is to be consolidated into the DIY segment. On November 9, Bygghemma Group acquired 100 % of the shares in Frej Jonsson, a leading specialist in the Gothenburg area focused on bathroom, tile and plumbing. Bygghemma Group is thus strengthening its category expertise in these categories. The acquisition is to be consolidated into the DIY segment. On November 20, Bygghemma Group acquired 100 % of the shares in Wegot, a leading online player within furniture in Sweden. Following the acquisition, Bygghemma further strengthens its leading position in the online market for furniture and home furnishing in the Nordic region. The acquisition is to be consolidated into the home furnishing segment. On October 17, Bygghemma Group announced its plans to, as part of the integration project, relocate Furniturebox operations from Stockholm to Helsingborg. The change is made to realise cost synergies identified in connection with the acquisition of the company in January This lead to, among other things, that 48 positions were redundant. During the fourth quarter, Bygghemma Group increased the Group s acquisition credit facility with SEK 25 million, whereupon the total credit line amounted to SEK 310 million. During 2018, the Group has continued to prepare the business for a potential listing on Nasdaq Stockholm. A listing or continuous ownership by the current owners are still possible scenarios. At the time of approval of this quarterly report, no formal assessment has been made by Nasdaq regarding if the company can be considered as ready to go public or not. The Board of Directors proposes that no dividend be paid for FINANCIAL TARGETS IN THE MEDIUM-TERM Net sales growth Bygghemma Group aims to grow net sales by % on average per year in the medium term, of which approximately 15 % is attributable to organic growth. The Company s objective is to reach net sales of SEK 10 billion in the medium term including acquisitions. Profitability and cash flow Bygghemma Group aims to gradually improve profitability to reach an adjusted EBITA margin of around 7 % in the medium term and to achieve a cash conversion in line with adjusted EBITDA as a result of the business model. Capital structure Bygghemma Group aims to have a net debt in relation to LTM EBITDA in the range of x, subject to flexibility for strategic activities. Dividend policy When free cash flow exceeds available investments in profitable growth, and under the requirement that the capital structure target is met, the surplus will be distributed to shareholders. Bygghemma Group First AB 5
6 DIY-segment Adjusted EBITA margin of 5.8 % in the quarter Strengthened position within kitchen and white goods through the acquisition of Vitvaruexperten Strengthened position within bathroom and tiles through the acquisition of Frej Jonsson Q4 Jan-Dec SEKm (if not otherwise stated) % % Net Sales , Gross profit Gross margin (%) Adjusted gross profit Adjusted gross margin (%) Adjusted EBITA Adjusted EBITA-margin (%) Operating income Operating margin (%) Net profit/loss for the period Visits (thousands) 11,326 5, ,938 5, Orders (thousands) Conversion rate (%) Average order value (SEK) 3,177 2, ,394 2, Net sales by segment Jan-Dec 2017 DIY 59% Net sales (SEKm) Heminredning 41% Q1 Q2 Q3 Q Adjusted gross margin (%) COMMENTS DIY SEGMENT The DIY segment comprises the web stores as well as 16 showrooms, in Sweden, Finland, Norway and Denmark. The fourth and the first quarter are normally the seasonally weakest in terms of sales for the DIY segment, while the second and third quarters are the seasonally strongest, as well as for the sector in general, driven by a larger share of home improvement projects during the lighter and warmer seasons of the year. The fourth quarter was the second strongest for the DIY segment in 2017 (after the third quarter), driven by a growing online market, organic growth, and acquisitions made and consolidated during the quarter. The net sales for the business segment amounted to SEKm in the quarter and SEKm 2,342.2 for the full year. DIY represented 59.8 % of the total Group net sales in the quarter and 59.2 % for the full year. The slowdown of the Swedish housing market after the establishment of a first amortisation requirement has not had any noticeable, or only marginal, effect on the Swedish sales within the business segment. The effect of a decision to introduce a second amortisation requirement has so far not been possible to evaluate. 25% 20% 15% 10% 5% 0% Q1 Q2 Q3 Q Bygghemma Group First AB 6
7 The management s assessment is that the operations in this business segment continued to gain market share within all markets during the quarter. The strongest development could be seen in the flooring category followed by building and doors/windows. During the full year the categories floor, kitchen, building and garden developed the strongest. The work with categories has developed positively through, among other things, the specialized knowledge and brand diversification that followed from a number of strategic acquisitions during the last years, most recently through the acquisitions of Arredo and Vitvaruexperten. The Finnish market has had the strongest development during the quarter, as well as during the full year, with an increasing momentum during the period, primarily driven by a stronger market development in Finland as well as focused work on the web stores, product range and pricing, which has resulted in a higher conversion rate. The market continues to be strong in Sweden, which is the segment s largest market. The latest available market data shows an online growth of approximately 20 %, according to E- barometern. Adjusted EBITA for the quarter amounted to SEKm 37.4 with an adjusted EBITA margin of 5.8 %. Adjusted EBITA for the full year amounted to SEKm with an adjusted EBITA margin of 4.9 %. The segment s operating profit amounted to SEKm 29.5 for the quarter, with an operating margin of 4.6 %. Operating profit for the full year amounted to SEKm 87.0 with an operating margin of 3.7 %. Items affecting comparability related to the process for expanding the shareholder base is not allocated on a segment level. Bygghemma Group First AB 7
8 Home furnishing-segment Net sales by segment Jan-Dec 2017 Adjusted EBITA margin of 3.1 % during the quarter Migration of web, ERP system and warehouse solution for Furniturebox according to plan Strengthened online leadership in the Nordic region through the acquisition of Wegot Q4 Jan-Dec SEKm (if not otherwise stated) % % Net Sales , Gross profit Gross margin (%) Adjusted gross profit Adjusted gross margin (%) Adjusted EBITA Adjusted EBITA-margin (%) Operating income Operating margin (%) Net profit/loss for the period Heminredning 41% Net sales (SEKm) DIY 59% Visits (thousands) 12,473 3, ,732 3, Order (thousands) Conversion rate (%) Average order value 2,094 2, ,868 2, Q1 Q2 Q3 Q Adjusted gross margin (%) COMMENTS HOME FURNISHING The home furnishing segment comprise the web stores and 56 showrooms, in Sweden, Finland, Norway and Denmark. The second quarter together with the third quarter normally have the highest sales in the home furnishing segment. The first and the fourth quarter are the seasonally weakest, driven by significant sales of outdoor furniture within the segment during the spring and summer months. The net sales for the business segment amounted to SEKm in the quarter and SEKm 1,628.9 for the full year. The management team s estimates that the business segment s operations have increased their market share within all product categories in the quarter as well as the full year. Home furnishing represented 40.5 % of the total Group net sales in the quarter and 41.2 % for the full year. The market continued to be strong in Sweden, which is the segment s largest market. The latest available market data shows an online growth of approximately 15 % this year, according to E-barometern. Through the acquisition of Furniturebox, the home furnishing segment has strengthened its leading online market position within furniture and decor in the Nordics. At the end of the second quarter this position was further strengthened by the acquisition of MyHome Møbler 30% 25% 20% 15% 10% 5% 0% Q1 Q2 Q3 Q Bygghemma Group First AB 8
9 and in the fourth quarter through the acquisition of Wegot. Thus, Bygghemma Group has taken a leading European position within the online home furnishing segment. The extensive work with the integration and consolidation project of Furniturebox into the Home furnishing segment that was initiated during the first and the second quarter within the home furnishing segment, where Furniturebox is to be fully integrated into Trademax and Chilli s online platform, ERP system and warehouse solution and the two organisations will be merged into one, has further intensified during the fourth quarter. The integration work, which is expected to generate integration costs of approximately SEKm 60 in total over 18 months has so far progressed according to plan and has resulted in costs of SEKm 44.7 during 2017, whereof SEKm 18.4 during the fourth quarter. Adjusted EBITA for the quarter amounted to SEKm 13.6 with an adjusted EBITA margin of 3.1 %. Adjusted EBITA for the full year amounted to SEKm 84.9 with an adjusted EBITA margin of 5.2 %. The segment s operating profit amounted to SEKm -7.5 for the quarter, with an operating margin of -1.7 %. Operating profit for the full year amounted to SEKm 25.6 with an operating margin of 1.6 %. Items affecting comparability related to the process for expanding the shareholder base is not allocated on a segment level. Bygghemma Group First AB 9
10 Other COMMENTS ON THE GROUP S OTHER OPERATIONS The net sales amounted to SEKm 2.3 for the quarter and to SEKm 19.1 (17.8) for the full year. Operating profit amounted to SEKm for the quarter and to SEK for the full year. The Group s other operations primarily consist of central group functions. Therefore, net sales consist in all material aspects of compensation for management services (so called management fee). CASH FLOW AND FINANCIAL POSITION The Group s cash flow from operating activities amounted to SEKm 25.2 during the quarter and the cash flow from operating activities amounted to SEKm for the full year. The cash flow from operating activities was mainly driven by adjusted EBITDA during the periods, by the Group s low net working capital and by the limited need for investment and maintenance investments in the operating activities. The Group s low net working capital is the result of a high proportion of direct deliveries from suppliers, relatively limited inventory levels and low levels of accounts receivable (due to factoring without regress). The Group has however increased the inventory levels compared to the end of 2016, from SEKm to SEKm The increase in inventory levels during the period is mainly driven by the new acquisitions (primarily Arredo and Furniturebox) which have higher inventory levels compared to the rest of the Group. The cash flow and net working capital position follows the seasonal profile, with inventory levels increasing during the first quarter, before the high season sales of especially outdoor furniture during the second and third quarter, and decreasing inventory levels and high cash conversion especially during the second and third quarter, when the sales of existing inventory primarily takes place. The Group s cash flow from investment activities amounted to SEKm for the quarter and to SEKm for the full year, and was primarily related to the acquisitions that were made during the period and deferred payments and earn-outs related to the acquisitions made during the period These amounted to a total of SEKm 39.1 and were all paid in the second quarter. Cash flow from financing activities amounted to SEKm 28.5 for the quarter and to SEKm for the full year, which can be attributed to the raising of new loans and additional shareholder contributions with the purpose of financing the acquisitions made during the year, but also for reduction of loans. The Group s cash and cash equivalents amounted at the end of the reporting period to, compared to the beginning of the year, to SEKm (53.3), which is explained by the Group s generated cash flow from operations during the full year. The Group s net debt, which is defined as the Group s current and non-current interestbearing debt to credit institutions less cash and cash equivalents and short-term investments, amounted to SEKm at the end of the quarter compared to SEK million at the beginning of the year. The Group s other current and non-current interestbearing liabilities consist of conditional and deferred payments related to acquisitions, which are subject to an implicit interest cost related to a valuation at present value. These obligations amounted to SEKm at the end of the quarter, compared to SEKm 96.7 at the beginning of the year. The Group s unutilized credit facilities amounted to SEKm 125 by the end of the year. The Group s total assets at the end of the reporting period, compared to the beginning of the year, amounted to SEKm 4,418.9 (2,978.2). The change is mainly related to goodwill and identified intangible assets related to acquisitions during the year. The Group s total equity at the end of the reporting period, compared to the beginning of the year, amounted to SEKm 2,375.1 (1,700.6). The increase is mainly related to new share issues during the period. EMPLOYEES The number of employees (measured as FTE) amounted at the end of the period to 774. The average number of employees (measured as FTE) during the last twelve months amounted to 630. Bygghemma Group First AB 10
11 SEASONAL VARIATIONS The Group s operations are affected by seasonal variations affecting consumers total demand, especially on building products and outdoor furniture. As a result of the weather effect on the demand, the Group s sales and cash flow are usually higher during the second and third quarter, when normally a majority (barely 60 %) of the Group s sales are generated, and are usually lower during the first and fourth quarter. Even if the seasonal variations normally do not affect the Group s relative profit and cash flow from year to year, the profit and the cash flow can be affected during years with unusual harsh or mild weather conditions, or with very high or low perception. However, the seasonal variations are not considered to be material for the Group. PARENT COMPANY The parent company s net sales amounted to SEKm 0.9 in the quarter and SEKm 0.9 for the full year. Bygghemma Group s CEO and CFO are employed by the parent company. The parent company s operating profit amounted to SEKm for the quarter and to SEKm for the full year. The operating profit is primarily explained by the process for expanding the shareholder base during the year. Profit for the period amounted to SEKm 0.6 in the quarter and SEKm 0.2 for the full year. The parent company s cash and cash equivalents amounted to SEKm 18.3 at the end of the reporting period, compared to SEK 1.5 million at the beginning of the year. ACCOUNTING POLICIES This report has been prepared in accordance with the rules in IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report for the parent company has been prepared in accordance with the Swedish Annual Account Act. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) along with interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) as endorsed by the European Commission for application within the EU. The recommendation RFR 1 Supplementary Accounting Rules for Groups from the Swedish Financial Reporting Board has also been applied in the preparation of this consolidated financial statement. The interim information on page 1 11 is an integrated part of this financial report. The accounting principles are described in more detail under Accounting and valuation principles later in this interim report. Apart from the risks described the assessment is made that there are no additional material risks. As from the date of this interim report the Group has applied ESMA s (European Securities and Markets Authority) guidelines for alternative performance measures. Definitions of alternative performance measures are found under Reconciliation of Alternative Performance Measures on page of this report. RISKS AND UNCERTAINTY FACTORS There are several strategic, operational and financial risks and uncertainty factors that can affect the Group s financial result and position. Most risks can be managed through internal routines while others to a greater extent are driven by external factors. There are risks and uncertainties related to IT- and management systems, suppliers, season and weather variations and exchange rates, but can also arise in the case of new competition, changed market conditions or changed consumer behavior for online sales. Furthermore, there is also interest rate risk. Risks and uncertainty factors are described in more detail in Risks and uncertainty factors later in this interim report. Apart from the risks described there, the assessment is made that there are no additional material risks. TRANSACTIONS WITH RELATED PARTIES All transactions with related parties are based on appropriate market terms. For more information, see note 4 in this report. ADDITIONAL INFORMATION No additional information applies at the end of the quarter. Bygghemma Group First AB 11
12 Stockholm, 31 January, 2018 Henrik Theilbjørn Florian Seubert Peter Möller Chairman Board member Board member Lars Nilsson Bert Larsson Ingrid Jonasson Blank Board member Board member Board member Mikael Olander Group CEO This report has not been audited by the company s auditors. Bygghemma Group First AB Hans Michelsensgatan Malmö Organisation number: CONTACT DETAILS For additional information, visit or contact: Mikael Olander, Group CEO mikael.olander@bygghemmagroup.se +46 (0) Martin Edblad, Group CFO martin.edblad@bygghemmagroup.se +46 (0) John Womack, Head of IR ir@bygghemmagroup.se +46 (0) FINANCIAL CALENDAR 27 April 2018 Interim report Q1 20 July 2018 Interim report Q2 29 October 2018 Interim report Q3 31 January 2019 Year-end report Q4 The 2017 Annual General meeting will be held on March 6, 2018 in Stockholm. The annual report will be available on from week 6, ABOUT BYGGHEMMA GROUP Bygghemma Group is a leading European online-based provider of home improvement products. Since the start in 2006, Bygghemma Group has increased and broadened its product portfolio and geographical reach and is today a leading online player within DIY through the web stores and and 16 showrooms, in Sweden, Finland, Norway and Denmark, and within home furnishings through the web stores and and 56 showrooms, in Sweden, Finland, Norway and Denmark. Bygghemma Group First AB 12
13 Consolidated income statement fourth quarter, condensed Q4 Jan-Dec SEKm Net Sales 1, , Other operating income Total Net Sales 1, , Cost of goods sold , Personnel costs Other external costs and operating expenses Depreciation and amortization of tangible and intangible fixed assets Operating income Profit/loss from financial items Profit before tax Income tax Profit/loss for the period Attributable to: Equity holders of the parent Net income for the period Earnings per share before dilution, SEK Earnings per share after dilution, SEK * Earnings per share before and after dilution is affected by interest on preference shares. The formula for calculating earnings per share: earnings per share = (net income for the period interest on preference shares) / average number of outstanding common shares. Bygghemma Group First AB 13
14 Consolidated statement of comprehensive income Q4 Jan-Dec SEKm Profit of loss for the period Translation differences for the period Other comprehensive income for ther period Total comprehensive income for ther period Total comprehensive income attributable to: Parent company shareholders Total comprehensive income for the period Shares outstanding at period's end Before dilution 572, , , ,960 After dilution 572, , , ,960 Average number of shares Before dilution 570, , , ,476 After dilution 570, , , ,476 Bygghemma Group First AB 14
15 Consolidated statement of financial position 31 Dec SEKm Non-current assets Goodwill 2, ,813.9 Other intangible fixed assets 1, Total intangible fixed assets 3, ,670.1 Buildings and land Tangible fixed assets Financial fixed assets Deferred tax asset Total fixed assets 3, ,700.2 Current assets Inventories Current receivables Cash and cash equivalents Total current assets Total assets 4, ,978.2 Equity Equity attributable to owners of the parent 2, ,700.6 Total equity 2, ,700.6 Non-current liabilities Deferred tax asset Other provisions Non-current interest bearing liabilites to credit institutions Other non-current liabilities Total non-current liabilities 1, Current liabilities Short term interest bearing loans to credit institutions Other interest bearing liabilities Other current liabilities Total current liabilities Total shareholders' equity and liabilities 4, ,978.2 Bygghemma Group First AB 15
16 Consolidated statement of cash flows Q4 Jan-Dec SEKm Cash flow from operating activities before changes in work Changes in working capital Cash flow from operations Investments in operations , ,197.2 Investments in other non-current assets Divestment of other tangible fixed assets Cash flow to/from investing activities , ,256.5 New share issue , ,681.9 Net change in loans Amortization of loans Transactions with non-controlling interest Dividends to shareholders Group- and/or shares contributions, net change Cash flow to/from financing activities , ,291.3 Cash flow for the period Cash and cash equivalents at the beginning of the per Translation differences in cash and cash equivalents Cash and cash equivalents at the end of the period Bygghemma Group First AB 16
17 Consolidated statement of changes in equity 31 Dec SEKm Opening balance 1, Comprehensive income for the period New share issue ,681.9 Shareholders contribution Closing balance 2, ,700.6 Bygghemma Group First AB 17
18 Notes to the interim report NOTE 1 SEGMENTS Q4 Jan-Dec SEKm Net Sales DIY , Home Furnishings , Total net sales 1, , Other Eliminations Group consolidated total 1, , Revenue from other segments DIY Home Furnishings Other Total Q4 Jan-Dec SEKm Operating income and profit before tax DIY Home Furnishings Total operating income Other Group consolidated operating income Financial net Group consolidated profit before tax Bygghemma Group First AB 18
19 NOTE 2 DISCLOSURES ON ACQUISITIONS All purchase price allocations are considered preliminary until management has ultimately adopted the applied valuation assumptions behind the allocation, this is done at the latest 12 months after the acquisition date. Nets sales and profit/loss for the period for acquired companies The acquisitions have since consolidation contributed with SEKm to the Group s net sales and with SEKm to the Group s profit/loss for the period. If the acquisitions would have been consolidated for the whole financial year, they would have contributed with SEKm to the Group s net sales and with SEKm -8.3 to the Group s profit/loss for the period. Acquisition of FB Internet AB On January 31, 2017, FB Internet AB ( Furniturebox ), a leading Swedish online retailer of furniture and home interior products, was acquired with the aim of strengthening Bygghemma Group s online offering on the rapidly growing Nordic Home Furnishings e-commerce market. Furniturebox is a fast-growing e-commerce player with sales in Sweden, Norway and Finland. The acquisition includes 100 % of the shares in FB Internet AB and has affected the consolidated balance sheet and cash and cash equivalents as set out below. SEKm Acquisition of FB Internet AB Net assets at time of acquisition Trademarks Customer relationships 34.7 Intangible fixed assets 4.9 Tangible fixed assets 2.0 Financial fixed assets 0.6 Inventory 99.5 Accounts receivable 10.4 Other receivables 10.1 Cash and cash equivalents 2.0 Deferred tax lliability Provisions -0.2 Accounts payable Other liabilities Net identifiable assets and liabilities Goodwill Total purchase consideration Change in the Group's cash and cash equivalents following the acquisition Goodwill Goodwill resulted from the acquisition, and consists of synergy effects, market position, supplier relationships and personnel. The acquisition gives the Home Furnishings segment a leading position within online sales of furniture and home interior products. The effect of deferred tax was also taken into account when preparing the acquisition analysis. The acquisition analysis is subject to a final adjustment one year after the date of acquisition. Transaction costs Transaction costs related to the acquisition of Furniturebox amounts to SEKm 4.4 and is accounted for as other external costs in the consolidated statements and other comprehensive income. Revenue and earnings from the acquired operation Furniturebox has since the acquisition date contributed to the Group with net sales of SEKm and with SEKm in profit/loss for the period. If Furniturebox would have been consolidated for the full financial year it would have contributed with net sales of SEKm and with SEKm in profit/loss for the period. Bygghemma Group First AB 19
20 Acquisition of Polarpumpen AB On April 24, 2017, Polarpumpen AB ( Polarpumpen ), a leading Swedish online specialized retailer of heat pumps and heat pump installation, was acquired with the aim of strengthening Bygghemma Group s online offering on the rapidly growing Nordic DIY e-commerce market. Polarpumpen is a fast-growing e-commerce player with sales in Sweden. The acquisition includes 51 % of the shares in Polarpumpen and has affected the consolidated balance sheet and cash and cash equivalents as set out below. SEKm Acquisition of Polarpumpen AB Net assets at time of acquisition Trademarks 20.6 Customer relationships 11.1 Inventory 9.5 Accounts receivable 4.4 Other receivables 2.4 Cash and cash equivalents 6.6 Deferred tax lliability -7.9 Accounts payable -5.6 Other liabilities -3.4 Net identifiable assets and liabilities 37.7 Goodwill 47.5 Total purchase consideration 85.2 Unpaid part of the purchase consideration 49.5 Earnout provision 7.9 Change in the Group's cash and cash equivalents following the acquisition Goodwill Goodwill resulted from the acquisition, and consists of synergy effects, market position, supplier relationships and personnel. The acquisition gives the DIY segment a leading position within online sales of heat pumps. The effect of deferred tax was also taken into account when preparing the acquisition analysis. The acquisition analysis is subject to a final adjustment one year after the date of acquisition. Earnout An earnout was recognized as part of the sales and purchase agreement. The outcome of the earnout depends on future sales and earnings. The earnout for the acquisition is valued at fair value, meaning its full payout value and discounted based on future payment dates. As of December 31, 2017, the discounted earnout amounted to SEKm 7.9. Transaction costs Transaction costs related to the acquisition of Polarpumpen amounts to SEKm 0.9 and is accounted for as other external costs in the consolidated statements and other comprehensive income. Revenue and earnings from the acquired operation Polarpumpen has since the acquisition date contributed to the Group with net sales of SEKm 88.8 and with SEKm 5.5 in profit/loss for the period. If Polarpumpen would have been consolidated for the full financial year it would have contributed with net sales of SEKm and with SEKm 3.5 in profit/loss for the period. Bygghemma Group First AB 20
21 Acquisition of Arredo Holding AB On April 6, 2017, Arredo Holding AB ( Arredo ), a leading Swedish destination within flooring, tiles and bathroom interiors, was acquired with the aim of strengthening Bygghemma Group s offering on the rapidly growing Nordic DIY e-commerce market. Arredo is a leading destination within DIY in Southern Sweden. The acquisition includes 100 % of the shares in Arredo Holding AB and has affected the consolidated balance sheet and cash and cash equivalents as set out below. SEKm Acquisition of Arredo Holding AB Net assets at time of acquisition Trademarks 22.3 Customer relationships 43.2 Intangible fixed assets 0.9 Tangible fixed assets 3.9 Financial fixed assets 0.8 Deferred tax asset 4.6 Inventory Accounts receivable 19.1 Other receivables 7.5 Cash and cash equivalents 3.4 Deferred tax lliability Accounts payable Other liabilities -8.0 Net identifiable assets and liabilities Goodwill 12.7 Total purchase consideration Change in the Group's cash and cash equivalents following the acquisition Goodwill Goodwill resulted from the acquisition, and consists of synergy effects, market position, supplier relationships and personnel. The acquisition gives the DIY segment a leading position within online sales of primarily flooring. The effect of deferred tax was also taken into account when preparing the acquisition analysis. The acquisition analysis is subject to a final adjustment one year after the date of acquisition. Earnout An earnout was recognized as part of the sales and purchase agreement. The outcome of the earnout depends on future sales and earnings. The earnout for the acquisition is valued at fair value, meaning its full payout value and discounted based on future payment dates. As of December 31, 2017, the discounted earnout amounted to SEKm 0.0. Transaction costs Transaction costs related to the acquisition of Arredo amounts to SEKm 1.5 and is accounted for as other external costs in the consolidated statements and other comprehensive income. Revenue and earnings from the acquired operation Arredo has since the acquisition date contributed to the Group with net sales of SEKm and with SEKm 0.4 in profit/loss for the period. If Arredo would have been consolidated for the full financial year it would have contributed with net sales of SEKm and with SEKm 11.2 in profit/loss for the period. Bygghemma Group First AB 21
22 Acquisition of MyHome Møbler On June 30, 2017, MyHome Møbler, a leading Danish online and showroom retailer of furniture and home interior products, was acquired with the aim of strengthening Bygghemma Group s online offering on the rapidly growing Danish Home Furnishings e- commerce market. MyHome Møbler is a fast-growing e-commerce and showroom player with sales in Denmark. The acquisition includes 89.2 % of the shares in MyHome Møbler and has affected the consolidated balance sheet and cash and cash equivalents as set out below. SEKm MyHome Møbler Net assets at time of acquisition Trademarks 35.4 Customer relationships 5.8 Intangible fixed assets 0.2 Tangible fixed assets 0.7 Financial fixed assets 2.1 Inventory 62.4 Accounts receivable 1.7 Other receivables 2.1 Cash and cash equivalents 14.3 Deferred tax lliability -9.1 Accounts payable Other liabilities Net identifiable assets and liabilities 77.3 Goodwill Total purchase consideration Unpaid part of the purchase consideration 28.1 Deferred purchase consideration 18.2 Change in the Group's cash and cash equivalents following the acquisition Goodwill Goodwill resulted from the acquisition, and consists of synergy effects, market position, supplier relationships and personnel. The acquisition gives the DIY segment a leading position within online and showroom sales of furnishing and home interior products in Denmark. The effect of deferred tax was also taken into account when preparing the acquisition analysis. The acquisition analysis is subject to a final adjustment one year after the date of acquisition. Earnout An earnout was recognized as part of the sales and purchase agreement. The outcome of the earnout depends on future sales and earnings. The earnout for the acquisition is valued at fair value, meaning its full payout value and discounted based on future payment dates. As of December 31, 2017, the discounted earnout amounted to SEKm Transaction costs Transaction costs related to the acquisition of My Home Møbler amounts to SEKm 1.7 and is accounted for as other external costs in the consolidated statements and other comprehensive income. Revenue and earnings from the acquired operation MyHome Møbler has since the acquisition date contributed to the Group with net sales of SEKm and with SEKm 5.9 in profit/loss for the period. If MyHome Møbler would have been consolidated for the full financial year it would have contributed with net sales of SEKm and with SEKm 11.5 in profit/loss for the period. Bygghemma Group First AB 22
CONTINUED STRONG SALES GROWTH DESPITE CHALLENGING CONDITIONS
Interim report 1 January-30 September 2018 CONTINUED STRONG SALES GROWTH DESPITE CHALLENGING CONDITIONS HIGHLIGHTS Third quarter Net sales rose 11.1 percent to SEK 1,251.1 million (1,126.2), of which organic
More informationRECORD-BREAKING FOURTH QUARTER SALES AND EBITA AS MARKET CONDITIONS RETURN TO NORMAL
RECORD-BREAKING FOURTH QUARTER SALES AND EBITA AS MARKET CONDITIONS RETURN TO NORMAL Bygghemma Group First AB (publ) 1 Today s presenters Mikael Olander President and CEO Martin Edblad CFO Bygghemma Group
More informationRECORD SALES, EBITA AND CASH FLOW ACCELERATED ORGANIC GROWTH TO 19 %
RECORD SALES, EBITA AND CASH FLOW ACCELERATED ORGANIC GROWTH TO 19 % Bygghemma Group First AB (publ) 1 Today s presenters Mikael Olander President and CEO Martin Edblad CFO Bygghemma Group since 2012 CEO
More informationBygghemma Group announces Initial Public Offering and prospectus for listing on Nasdaq Stockholm
Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Any offer to acquire shares
More informationClas Ohlson: Year-end report 1 May April 2013
Clas Ohlson: Year-end report 1 May 2012 30 April 2013 Fourth quarter * Sales totalled SEK 1,274 M (1,272). In local currencies, growth was 3%. * Operating loss of SEK 19 M reported (profit: 10). * Loss
More informationInvitation to acquire shares in Bygghemma Group First AB (publ)
Invitation to acquire shares in Bygghemma Group First AB (publ) Sole Global Coordinator and Joint Bookrunner Joint Bookrunners Invitation to acquire shares in Bygghemma Group First AB (publ) IMPORTANT
More informationQ3 INTERIM REPORT JANUARY - SEPTEMBER 2017
Q3 INTERIM REPORT JANUARY - SEPTEMBER 2017 Byggmax increased net sales and started the implementation of the new strategy During the third quarter 2017, Byggmax Group increased net sales and started to
More informationStrong online sales and improved margins
FIRST QUARTER SEPTEMBER 1, 2016 NOVEMBER 30, 2016 Strong online sales and improved margins Interim Report September November 2016 First quarter Net sales for the quarter increased 7.5 per cent to SEK 2,284
More informationIn the first quarter, Byggmax increased net sales by +6.1%
INTERIM REPORT JANUARY - MARCH 2017 In the first quarter, Byggmax increased net sales by +6.1% January 1 - March 31 Net sales amounted to SEK 782.6 M (737.9), up 6.1 percent. Net sales for comparable stores
More informationThe underlying Byggmax business developed positively in the quarter, with increased sales, increased market share, and increased profitability.
R -E N D YEAR R ANUA J T R EPO Y-D BER ECEM 207 W STR ATE BYGGMA X CONTINUE S EXECUTION OF NE GY ACCORDING TO PL AN Execution of the new strategy continues according to plan. The Byggmax segment has come
More informationIn the second quarter, Byggmax s net sales increased 14 percent and the profit after tax rose 37 percent.
Interim report January - June 2015 In the second quarter, Byggmax s net sales increased 14 percent and the profit after tax rose 37 percent. April 1 - June 30 Net sales amounted to SEK 1,294.6 M (1,136.7)
More informationIn the fourth quarter, Byggmax increased net sales by +16%
YEAR-END REPORT JANUARY - DECEMBER 2016 In the fourth quarter, Byggmax increased net sales by +16% October 1 - December 31 Net sales amounted to SEK 974.9 M (839.3), up 16.2 percent. Pro forma net sales
More informationInterim report Third quarter 2018
Interim report Third quarter 2018 Press release 26 October 2018 Third quarter 2018 Net sales increased by 15% to MSEK 7,458 (6,492). Organic growth was 7% (10). Operating profit (EBIT) was MSEK 524 (510).
More informationInterim second quarter report 2018
Interim second quarter report 2018 Press release 19 July 2018 Second quarter 2018 Net sales increased by 18% to MSEK 8,056 (6,818). Organic growth was 8% (8). Operating profit (EBIT) increased by 24% to
More informationQ1 INTERIM REPORT JANUARY - MARCH 2016
Q1 INTERIM REPORT JANUARY - MARCH 2016 In the first quarter, Byggmax increased net sales by +30% and new financial targets have been set January 1 - March 31 Net sales amounted to SEK 737.9 M (570.0) up
More informationYear-end report January - December 2015
Year-end report January - December 1 October - 1) Revenue increased 5 per cent to SEK 1,447 M (1,373). Excluding the acquisition of Opus Equipment, revenue increased 3 per cent. Adjusted for currency effects
More informationIn the third quarter, Byggmax increased net sales by 4.5 percent and EBIT improved and amounted to SEK 175 M
Interim report January - September 2014 In the third quarter, Byggmax increased net sales by 4.5 percent and EBIT improved and amounted to SEK 175 M July 1 - September 30 Net sales amounted to SEK 1,228.1
More informationInterim report 1 January 31 March 2018 Actic Group AB
Q1 Interim report 1 January 31 March Actic Group AB Efficiency enhancements and acquisitions strengthen results INTERIM REPORT 1 JANUARY 31 MARCH ACTIC GROUP AB 1 Interim report 1 January 31 March First
More informationA solid quarter and best year ever
YEAR-END REPORT, January December 2018 Helsingborg, 12 February 2019 A solid quarter and best year ever Fourth quarter of 2018 Consolidated net sales increased by 24 percent to SEK 692 m (558), of which
More informationQ1 Q Q3 Q EUR million Jan-Mar 2018 Jan-Mar 2017 Change, % EUR million Jan-Dec 2017
Stockholm, Sweden, 4 May Eltel Group Interim report January March January March Group net sales decreased 10.5% to EUR 266.6 million (297.8), mainly as a result of divestments and on-going discontinuation
More informationInterim report Q3, July September 2017 Stockholm, 25 October 2017
Interim report Q3, July September Stockholm, 25 October As of the second quarter of, Cloetta Italia S.r.l. is accounted for as discontinued operation. The comparative figures in the consolidated profit
More informationStrong online performance and increased margins
Q3 THIRD QUARTER MARCH 1, 2016 MAY 31, 2016 Strong online performance and increased margins Summary of third quarter of 20 Third quarter Net sales for the quarter rose 3.6 per cent to SEK 1,989 million
More informationInterim Report. July September July- Sept. Sept
Q3 Interim Report July September Doro AB Corporate Identity Number 556161-9429 18.2% Net sales growth 8.9% EBIT margin Growth in all markets and improved margins July September Net sales amounted to SEK
More informationStrong performance online, tougher in brickand-mortar
Interim report January 1 June 30, 2017 Odd Molly International AB (publ) Stockholm, Sweden August 16, 2017 Strong performance online, tougher in brickand-mortar stores APRIL 1 JUNE 30, 2017 Total operating
More informationContinued margin improvements (All figures in brackets refer to the corresponding period in 2009)
Continued margin improvements (All figures in brackets refer to the corresponding period in 2009) Sales for the third quarter amounted to SEK 3,228 million (3,568). Organic growth was negative 1 per cent.
More informationFinancial Report 1 April March 2018
Financial Report 1 April 2017-31 March Fourth quarter (1 January - 31 March ) Revenue amounted to 960 (968). EBITA totalled 53 (46), corresponding to an EBITA margin of 5.5 percent (4.8). Operating profit
More informationSignificant events during the first quarter of 2012
Interim Report 1 January 31 2013 Increase in net sales and strong cash flow First quarter 2013 Net sales totaled SEK 370.7 (358.9) M, up 3 percent. EBITA amounted to SEK 28.6 (36.9) M, an EBITA-margin
More informationBJÖRN BORG AB YEAR-END REPORT JANUARY-DECEMBER Oct-Dec 2015
BJÖRN BORG AB YEAR-END REPORT JANUARY-DECEMBER STRONG QUARTER OCTOBER 1 DECEMBER 31, The Group s net sales increased by 13 percent to SEK 152.6 million (135.3). Excluding currency effects, sales rose by
More informationContinued favourable organic growth
Continued favourable organic growth (Figures in brackets refer to the corresponding period in 2006.) Sales for kitchen company Nobia rose by 6 per cent during the third quarter to SEK 3,861 million (3,631).
More informationInterim report January - March First quarter. The group in brief
Interim report January - March 2017 First quarter Net sales increased by 105% to MSEK 21.1 (10.3) Operating profit declined to MSEK -4.9 (-3.3). Adjusted operating profit* increased to MSEK 1.6 (-3.3)
More informationJan-March Jan-March 12-months rolling. Jan-Dec SEK m
Instalco Interim report January - March Continued healthy growth and good profitability January March Net sales increased by SEK 45.2 million to SEK 689 (474) million. Organic growth was 9.3 percent. Adjusted
More informationStrong growth at Nolato Medical
Nolato three-month interim report 2007, page 1 of 11 Nolato AB (publ) three-month interim report 2007 Strong growth at Nolato Medical First quarter 2007 in brief Sales totaled SEK 560 M (594) The acquisition
More informationInvestments and adaptations for the future one-off costs impacting the result
Interim report January 1 September 30, 2017 Odd Molly International AB (publ) Stockholm, Sweden, October 24, 2017 Investments and adaptations for the future one-off costs impacting the result JULY 1 SEPTEMBER
More informationInterim Report January March 2017
ALIG, SE715891 Interim Report January March 217 For more information contact: Per Ekstedt, CFO, Phone: +46 ()8 42 14 57 / Sofia Wretman, Head of IR, Phone: +46 ()8 42 14 41 217 - Solid performance FIRST
More informationFavourable trend in core operations amid a challenging market
THIRD QUARTER MARCH 1, 2015 MAY 31, 2015 Favourable trend in core operations amid a challenging market Summary of third quarter of 20 Third quarter Net sales for the quarter increased 0.9 per cent to SEK
More informationInterim Report January March 2018
Interim Report January March 2018 Loomis Interim Report January March 2018 2 January March 2018 Revenue SEK 4,486 million (4,279). Real growth 8 percent (3) and organic growth 3 percent (3). Operating
More informationViking Redningstjeneste Topco AS. Interim financial statements 4Q 2018
Viking Redningstjeneste Topco AS Interim financial statements 4Q 2018 Quarterly report October December 2018 Viking Redningstjeneste Topco AS Fourth quarter 2018 Org no. 998 858 690 Quarterly report FOURTH
More informationInterim Report Polygon AB
Interim Report Polygon AB January - March 2017 FIRST QUARTER 2017 Sales + 21% 132.8 million (109.4) Strong organic growth of 21% as a result of healthy backlog levels also fuelled by an increased share
More informationInterim Report January - March 2015
Interim Report January - March 2015 The period January - March 2015* Net sales increased by 23% in the period to SEK 1,848 (1,508) m. Adjusted EBITA improved by SEK 19 m, and amounted to SEK 100 (81) m.
More informationOperating profit amounted to SEK 5.3 M
H E M T E X A B C O R P. R E G. N O. 5 5 6 1 3 2-7 0 5 6 H em te x d i s cl os es th e i nf o rm at i o n p r ov i d e d h e re i n p ur s ua n t t o t he S w e d i s h S e curi ti es Ma rk et A ct a n
More informationInterim report 1 May January 2014
Interim report 1 May 2013 31 January 2014 Third quarter 2013/14 Sales increased by 3 % to 2,238 MSEK (2,169). In local currencies, the increase was 7 % Operating profit increased by 34 % to 330 MSEK (247)
More informationInterim Report January June 2003
Interim Report January June 2003 20 August 2003 April-June January - June Jan.-Dec. July-June Key figures 2003 2002 2003 2002 2002 2002/03 Net sales, SEK m 2,406 2,547 4,752 4,951 9,594 9,395 Operating
More informationInterim first quarter report 2018
Interim first quarter report 2018 Press release 27 April 2018 First quarter 2018 Net sales increased by 9% to MSEK 7,161 (6,568). Organic growth, which was negatively affected by the Easter effect* compared
More informationHIGHLIGHTS INTERIM REPORT Q XXL ASA. YTD Growth. Q4 Growth
INTERIM REPORT Q4 2017 XXL ASA HIGHLIGHTS Total revenues of NOK 2 525 million (NOK 2 151 million), up 17 per cent Like-for-like growth of 7 per cent EBITDA of NOK 332 million (NOK 286 million) Strong cash
More informationDuring the third quarter, Byggmax increased EBIT by SEK 4.9 M
Interim report January - September 2012 During the third quarter, Byggmax increased EBIT by SEK 4.9 M July 1 - September 30 Net sales amounted to SEK 1,093.1 (1,100.0) M declined 0.6 percent Net sales
More informationNEW SPORTS APPAREL COLLECTION
BJÖRN BORG AB INTERIM REPORT JANUARY - SEPTEMBER NEW SPORTS APPAREL COLLECTION JULY 1 SEPTEMBER 30, The Group s net sales amounted to SEK 180.0 million (191.4), a decrease of 6.0 percent. Excluding currency
More informationINTERIM REPORT 1 JANUARY 31 MARCH 2012
INTERIM REPORT 1 JANUARY 31 MARCH 2012 Quarterly period January-March Poolia's operating income amounted to SEK 276.7 (283.6), million, which is a decline of -2.4%, (-2.6% in local currency). Operating
More informationStrong growth profitability doubled
Year-end report January 1 December 31, 2016 Odd Molly International AB (publ) Stockholm, Sweden, February 16, 2017 Strong growth profitability doubled JANUARY 1 DECEMBER 31, 2016 Total operating revenue
More informationInterim Report January-June 2018
Interim Report January-June The second quarter of the year had a strong sales development and Bong has continued to move its position forward on the European envelope market. The sales of light packaging
More informationInvestments continue to deliver growth
SEK million Interim report January 1 June 30, 2016 Odd Molly International AB (publ) Stockholm, Sweden, August 18, 2016 Investments continue to deliver growth JANUARY 1 JUNE 30, 2016 Total operating revenue
More informationInterim report January 1 December 31, 2015 Further increase in sales and stronger profitability
Odd Molly International AB (publ) Stockholm, Sweden, February 18, 2016 Interim report January 1 December 31, 2015 Further increase in sales and stronger profitability January 1 December 31, 2015 Net sales
More informationBJÖRN BORG AB YEAR END REPORT JANUARY DECEMBER Weak finish
BJÖRN BORG AB YEAR END REPORT JANUARY DECEMBER 2013 Weak finish OCTOBER 1 DECEMBER 31, 2013 The Group s net sales decreased by 28 percent to SEK 100.3 million (138.7). The decrease was the same excluding
More informationInterim Report Q3 1 January 30 September 2013
Interim Report Q3 1 January 3 September 213 THE PERIOD IN BRIEF JANUARY SEPTEMBER 213 The period in brief GROUP NET SALES PER QUARTER 5 4 3 2 1 29 21 211 212 213 Q1 Q2 Q3 Q4 Third quarter 213 JULY-SEPTEMBER
More informationImplementation of the strategy continues as planned. Late spring delays the season start.
Implementation of the strategy continues as planned. Late spring delays the season start. Picture from one of Byggmax TV commercials. Andreas is building a studio for his mother-in-law using products from
More informationStrong quarter for the Nolato Group
Nolato AB (publ) nine-month interim report 2007 Strong quarter for the Nolato Group Third quarter 2007 in brief Strong margin for Nolato Telecom and continued growth in sales for Nolato Medical Sales totaled
More informationFirst Quarter 2017 April 19, qlirogroup.com
First Quarter 2017 April 19, 2017 BUSINESS UPDATE Marcus Lindqvist, CEO 2 Increased Gross Profit and Credit Market Licence Highlights Strategy Focus 1. E-commerce gross profit increased 15 per cent to
More informationContinued sales growth
Continued sales growth Interim report for 1 January 30 June 2015 Second quarter Net sales increased by 8% to SEK 1,175.4 (1,091.0) million Including divested operations, net sales increased by 6% Operating
More informationViking Redningstjeneste Topco AS. Interim financial statements 3Q 2018
Viking Redningstjeneste Topco AS Interim financial statements 3Q 2018 Quarterly report July September 2018 Viking Redningstjeneste Topco AS Third quarter 2018 Org no. 998 858 690 Quarterly report THIRD
More informationInterim Report January March 2003
Interim Report January March 2003 23 April 2003 January-March Jan.-Dec. April-March Key figures 2003 2002 2002 2002/03 Net sales, SEK m 2,346 2,404 9,594 9,536 Operating income before depreciation, SEK
More informationYear-end report 2017 January - December YEAR-END REPORT 2017 OCTOBER DECEMBER 2017 JANUARY DECEMBER 2017
Year-end report 2017 January - December Troax Group AB (publ) Hillerstorp 12th of February, 2018 YEAR-END REPORT 2017 OCTOBER DECEMBER 2017 Order intake increased by 17 per cent to 38,4 (32,8) MEUR. Adjusted
More informationInterim Report. January September Alimak Group AB ALIG, SE
ALIG, SE715891 Interim Report January September 217 For more information contact: Mathilda Eriksson, IR Manager, Phone: +46 ()8 42 14 41 Stefan Rinaldo, COO and acting CFO, Phone: +46 ()8 42 14 47 2 217
More informationINTERIM REPORT 1 JANUARY 31 MARCH 2015
INTERIM REPORT 1 JANUARY 31 MARCH 2015 Quarterly period January-March, continuing Reported revenue, earnings, cash flow and financial ratios relate to continuing, and do not include Poolia UK. Revenue
More informationInterim report January - March 2016
Interim report January - March 11 May 1 January - 1) Revenue increased 3 per cent to SEK 1,424 M (1,382) and has been negatively affected by Easter. Excluding the acquisition of Opus Equipment, revenue
More informationCONTINUED IMPROVED EARNINGS
The leading hotel company in the Nordics January September 2018 CONTINUED IMPROVED EARNINGS THIRD QUARTER IN SUMMARY Net sales rose by 22.6% to 4,874 MSEK (3,974), driven by more rooms in operation, including
More informationInterim report January March 2018
Interim report January March 218 Strong growth and stable margin First quarter 218 Net sales rose by percent to SEK 945 million (815). Organic growth was 9 percent. Order intake was in line with net sales.
More informationFerronordic Machines AB (publ) Interim Report January - March 2015 SIGNIFICANTLY REDUCED NEW MACHINE SALES
19 May 2015 Ferronordic Machines AB (publ) Interim Report January - March 2015 SIGNIFICANTLY REDUCED NEW MACHINE SALES Revenue decreased by 50% (30% in rubles) to SEK 252.4m (SEK 501.1m) Operating profit
More informationInterim Report BE Group AB (publ) 2017 Malmö, October 24, Strongly improved underlying operating result
BE Q3 Interim Report BE Group AB (publ) Malmö, October 24, Strongly improved underlying operating result THIRD QUARTER Net sales increased by 9 percent to SEK 968 M (892), excluding operations under restructuring,
More informationInterim report for January - September 2016 in Ahlsell AB (publ) (formerly Norrmalm 1.1 AB)
Interim report for January - September 2016 in Ahlsell AB (publ) (formerly Norrmalm 1.1 AB) Third quarter 2016 Net sales increased by 10 percent to SEK 5,880 million (5,369). Organic growth was 7 percent
More informationInterim Report January September 2018
Interim Report January September 2018 2 July September 2018 Revenue SEK 4,918 million (4,246). Real growth 8 percent (5) and organic growth 2 percent (3). Operating income (EBITA) 1) SEK 626 million (570)
More informationYEAR-END ANNOUNCEMENT. January December, 2017 Legres AB (publ)
YEAR-END ANNOUNCEMENT January December, 2017 Legres AB (publ) Published February 28, 2018 INTERIM REPORT JANUARY DECEMBER, 2017 SUMMARY: OCTOBER DECEMBER 2017 Net Sales amounted to SEK 194.8 million Operating
More informationInterim Report. January September High sales growth continues with strengthened order book. July September January September 2015
Q3 Interim Report January September Doro AB Corporate Identity Number 556161-9429 34.5% Net sales growth 6.7% EBIT margin High sales growth continues with strengthened order book July September Net sales
More informationAmounts in million SEK (except percentageand operational figures) Q Q YTD 2018 YTD 2017 FY 2017
Report Q3 l 2018 HIGHLIGHTS BEWiSynbra reported net sales of SEK 1,160.2 million for Q318, up from SEK 459.7 million for Q317, an increase of 152 per cent of which 133 percentage points (pp) was explained
More informationAdapting to meet the industry s challenges and opportunities
Interim report January 1 March 31, 2018 Odd Molly International AB (publ) Stockholm, Sweden, May 4, 2018 Adapting to meet the industry s challenges and opportunities JANUARY 1 MARCH 31, 2018 Total operating
More informationInterim report 1 January 30 September 2016
This English translation is for the information purposes only. In case of any discrepancies between this version and the Swedish, the Swedish version shall prevail. Interim report 1 January 30 September
More information1 (19) Year-end report January December Tradedoubler year-end report January December 2016
1 (19) Year-end report January December 2016 Tradedoubler year-end report January December 2016 2 (19) Year-end report January December 2016 Improved financial performance THE FOURTH QUARTER OCTOBER -
More informationInterim report January 1 March 31, 2008 for the Scribona Group
SCRIBONA AB (publ), corporate identification no. 556079-1419 Interim report January 1 March 31, 2008 for the Scribona Group Solna, May 30, 2008 Q1 2008 Net sales for the first quarter reached SEK 1,903
More informationYear-end report January 1 December 31, 2017
Year-end report January 1 December 31, 2017 Odd Molly International AB (publ) Stockholm, Sweden, February 16, 2018 The industry is changing - and Odd Molly with it OCTOBER 1 DECEMBER 31, 2017 Total operating
More informationInterim Report January June 2018
Interim Report January e APRIL JUNE > Net sales increased by 11 per cent to SEK 415.8 million (376.1). In USD terms, net sales increased by 14 per cent. > Order intake increased by 11 per cent to SEK 409.6
More informationINTERIM REPORT, 1 JANUARY 30 JUNE 2011
INTERIM REPORT, 1 JANUARY 3 JUNE 211 Quarterly period, April to June 211 Poolia revenues, excluding Dedicare, were MSEK 283.2 (252.5), an increase of 12%, which corresponds to 15% in local currency. Poolia
More informationYear end report for New Wave Group AB (publ)
Year end report for New Wave Group AB (publ) January December The Period 1 October 31 December Sales amounted to 1 227 which was 8 % lower than the previous year (1 331). The result after tax decreased
More informationINTERIM REPORT JAN - MAR 2018
M INTERIM REPORT JAN - MAR 2018 JANUARY - MARCH Net sales increased by 12% to SEK 23.6m (21.1). Adjusted for currency exchange rate effects the increase was 20% Operating profit increased to SEK 1.8m (-4.9).
More informationBJÖRN BORG AB INTERIM REPORT JANUARY - SEPTEMBER July-Sep Jan-Sep 2015
BJÖRN BORG AB INTERIM REPORT JANUARY - SEPTEMBER STRONG QUARTER JULY 1 - SEPTEMBER 30, The Group s net sales increased by 17 percent to SEK 191.4 million (163.7). Excluding currency effects, sales rose
More informationInterim report January September 2017
Interim report January September 2017 Interim report January-September 2017 1 (26) Attendo AB (publ) Interim report January-September 2017 Summary of the third quarter 2017 Net sales increased by 7 percent
More informationInterim report January September 2018
Handicare Group AB (publ) Ingmar Bergmans gata 4 SE-114 34 Stockholm, Sweden Tel: +46 8 523 281 00 Corp. Reg. No.: 556982-7115 www.handicaregroup.com Interim report January September 2018 Low organic growth
More informationAINMT Scandinavia Holdings AS. Quarterly Report January - June
Quarterly Report January - June 2 0 1 6 Quarterly report SECOND QUARTER SUMMARY - Service revenue of NOK 194,257 thousands; 19% y-o-y growth - EBITDA* of NOK -76,232 thousands - Book equity of NOK 534
More information16% sales growth and positive cash flow of SEK 72 million in Q2
16% sales growth and positive cash flow of SEK 72 million in Q2 Second quarter Interim report for 1 January 30 June 2014 Net sales were up 16%, amounting to SEK 1,110.9 (958.5) million. Including divested
More informationSecond quarter of 2016 (Q2 2015) Events during the second quarter of Second quarter and the first six months in brief
Interim Report January-June 2016 Evolution Gaming Group AB (publ) Second quarter of 2016 (Q2 2015) Revenues increased by 50% to EUR 27.1 million (18.1) Profit for the period amounted to EUR 7.6 million
More informationStrong sales growth and margin compression in line with previous guidance
INTERIM REPORT, January June 2017 Helsingborg, 15 August 2017 Strong sales growth and margin compression in line with previous guidance Second quarter of 2017 Consolidated net sales increased by 16 percent
More informationGUNNEBO INTERIM REPORT JANUARY JUNE 2015
GUNNEBO INTERIM REPORT JANUARY JUNE 2015 Gothenburg, July 17, 2015 The CEO s comments on the second quarter Order intake increased organically by 14% during the second quarter. Several major orders were
More informationPRESS RELEASE FROM SCRIBONA AB (publ), corp. reg. no Year-end report of the Scribona Group for the fourth quarter and full year 2006
PRESS RELEASE FROM SCRIBONA AB (publ), corp. reg. no. 556079-1419 February 21, 2007 Year-end report of the Scribona Group for the fourth quarter and full year 2006 For the fourth quarter, net sales excluding
More informationYear-end report January December 2017
Year-end report January December 2017 1 (26) Attendo AB (publ) Year-end report, January-December 2017 Summary of the fourth quarter 2017 Net sales increased by 13,8 percent to SEK 3,011m (2,647). Adjusted
More informationINTERIM REPORT January-September 2016
INTERIM REPORT January-September 2016 THE PERIOD IN BRIEF THE PERIOD JANUARY-SEPTEMBER 2016 COMPARED WITH JANUARY-SEPTEMBER 2015 Total operating income increased by 11.8 % to SEK 322.9 million The loan
More informationInterim Report January-March 2015 Alimak Group AB
Interim Report January-March 2015 Alimak Group AB 1 Strong sales and EBIT growth led by Construction Equipment and After Sales Order intake increased with 23 % to SEK 535,8 (435,9) million. Revenues increased
More informationWA WallVision AB (publ), corp. no Interim report January 1, 2016 September 30, 2016 THIRD QUARTER: ORGANIC GROWTH IN CORE MARKETS
All figures pertain to the Group unless otherwise stated. Comparisons in the interim report refer to the corresponding period in the 2015 fiscal year, unless otherwise stated. THIRD QUARTER: ORGANIC GROWTH
More informationstrong growth in turnover and earnings for the fourth quarter of 2006 and the year as a whole
BTS Group AB (publ) Year-end Report January 1 December 31 strong growth in turnover and earnings for the fourth quarter of and the year as a whole Net turnover during the year increased by 32 percent and
More informationYear-end Report 2016 January - December YEAR-END REPORT 2016 OCTOBER DECEMBER 2016 JANUARY DECEMBER 2016 TROAX GROUP FIGURES
Year-end Report 2016 January - December Troax Group AB (publ) Hillerstorp 14th February, 2017 YEAR-END REPORT 2016 OCTOBER DECEMBER 2016 Order intake increased by 21 per cent, or 26 per cent adjusted for
More informationOperating margin before depreciation and impairment excl IAC, %
(All figures in brackets refer to the corresponding period in 2015 and Hygena is recognised as a discontinued operation, refer to page 7.) April-June 2016 Net sales for the second quarter amounted to SEK
More informationYEAR-END REPORT JANUARY 1 DECEMBER 31, YEAR-END REPORT / ORC GROUP HOLDING AB (PUBL)
YEAR-END REPORT JANUARY 1 DECEMBER 31, 2014 1 YEAR-END REPORT / ORC GROUP HOLDING AB (PUBL) JANUARY 1 DECEMBER 31, 2014 YEAR-END REPORT JANUARY 1 DECEMBER 31, 2014 2 STABLE FINANCIAL RESULT AND STRATEGIC
More informationInterim report January March 2018
Handicare Group AB (publ) Ingmar Bergmans gata 4 SE-114 34 Stockholm, Sweden Tel: +46 8 523 281 00 Corp. Reg. No.: 556982-7115 www.handicaregroup.com Interim report January March 2018 Continued organic
More informationInterim report January 1 March 31, 2015 A strong quarter with increased growth and higher profitability
Odd Molly International AB (publ) Stockholm, Sweden, April 29 april, 2015 SEKM 380 360 340 320 300 280 260 240 220 200 Rolling 12 months sales quarterly sales Q2 2010 - Q1 2015 Q1-11 Q1-12 Q1-13 Q1-14
More information